Gap Q2 Net Nearly In Line On 3% Sales Growth; Comps Flat

Gap Inc. GPS beat second-quarter adjusted earnings expectations by a penny a share on flat total same-store sales and a 3 percent increase in sales. The company essentially reiterated its net 2014 outlook, although it added $0.05 a share for a gain from the sale of a building. Second-quarter same-store sales for Gap's Old Navy brand grew four percent while sales increased 5 percent to $1.62 billion. Gap brand comparable sales fell 5 percent while total sales were essentially flat at $1.47 billion. Banana Republic's comps were flat while sales increased slightly to $704 million, and total online sales grew 11 percent to $515 million. The total second-quarter operating margin widened to 14.5 percent from 13.5 percent a year earlier, although the company forecast the measure for all of 2014 will be flat. Second-quarter net income grew 9.6 percent to $332 million, or $0.75 a share, from $303 million, or $0.64 a share a year earlier. Sales of $3.98 billion compared with $3.87 in 2013. Excluding a gain on the sale of a building, earnings were $0.70 a share. Wall Street expected $0.69 a share on revenue of $3.96 billion. Gap traded after hours recently at $43.69 a share, up 1 percent
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceAfter-Hours Center
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!